Rewards Network now can redeem $70 million subordinated notes

By Jennifer Chiou

New York, July 6 - Rewards Network Inc. may now redeem $70 million of its subordinated notes, instead of $10 million, under the terms of its credit agreement, according to an 8-K filing with the Securities and Exchange Commission.

On June 30, the Chicago-based provider of marketing and loyalty programs to the restaurant industry entered into an amendment to its credit agreement.

Other changes in the amendment extend the maturity date of the agreement to June 29, 2007, revise the definition of consolidated EBITDA to exclude expenses related to certain litigation matters, subject to agreed upon terms and conditions as well as eliminate the financial covenant requiring the corporation to maintain a minimum net worth.

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